"Money also has diminishing marginal utility, so as you accumulate more of it, at some point it has less use."
Thats true assuming the same scope, like living expenses. It gets a little more nuanced if the person changes the activities in scope. If you're giving billions away in a philanthropic organization that you run (ie Gates), then you've found new utility for that money. So in some ways it has more possible uses, but less pressure to actually use it. But I think your implied point of limited choices for people with lower income/capital is still valid.
Thats true assuming the same scope, like living expenses. It gets a little more nuanced if the person changes the activities in scope. If you're giving billions away in a philanthropic organization that you run (ie Gates), then you've found new utility for that money. So in some ways it has more possible uses, but less pressure to actually use it. But I think your implied point of limited choices for people with lower income/capital is still valid.